ConstructionDeal.com Update

Selling your home without a real estate agent may not be the uphill task that you think it is. With a little time and effort, it's easy to effect an FSBO (For Sale By Owner) transaction if you're familiar with the tricks and tips of the real estate market.

• The first step in selling your home is to have its value assessed. You can contact professional appraisers or do your own research using home selling and land investment software to come up with a figure that's as accurate as possible. Also contact real estate agents in your locality to see what other homes in the neighborhood are worth.
  

• In case the value placed on your home is much lower than you imagined, get professional help in improving your home, and thereby its value. Sometimes, all it takes to boost your home's market value is a coat of paint, a thorough cleansing from top to bottom, and minor repair work to spruce up its appearance. You may have to undertake major alterations like adding an extra bedroom or bathroom or redoing your kitchen's tiles and countertops if they're worn and look shabby. Before you start on any home improvement measure, perform a cost-benefit analysis to see if the expense on the repairs and remodeling is worth it. It's no use spending thousands of dollars on renovations if homes in your area are selling for under a particular amount.
  

• Once you've completed preparing your home for the sale, advertise the same in newspapers, local flyers, the Internet and through any other means possible. Tell people you know that you're putting up your house on the market so that you get the widest word-of-mouth coverage. Most Internet listings are free and allow you to include photographs and virtual tours of your home.
  

• Put up shots of the exterior from the front and take care not to exaggerate with visual effects. You don't want your buyers disappointed when they see the real thing. Before you shoot videos for virtual tours, remove clutter from your rooms and make sure they're clean.
  

• Include all pertinent information like contact details and times in your advertisement. Also include details about your preference for direct sales or those that go through agents on the buyers' side.
  

• Schedule open house days where potential buyers can tour your home and decide if they want to buy it or not. Keep a guest book handy and get your visitors to provide their contact information so you can follow up on their interests.
  

• When discussing a sale with a potential customer, leave room for negotiations. Offer to perform a few minor repairs that they point out if it's not going to set you back by too much, but don't cave in to pressure to sell at a much lower rate than your asking price.
  

• Some websites allow you to sell your house online. Online selling cuts your costs drastically, provides the maximum exposure and provides quick responses. Explore this option to see if it suits your needs.
  

• When finalizing the sale, consult an advocate to ensure that the paperwork and legal processes are taken care of smoothly.
  

By-line:

This article is contributed by Sarah Scrafford, who regularly writes on the topic of luxury real estate in Canada. She invites your questions, comments and freelancing job inquiries at her email address: sarah.scrafford25@gmail.com.

Labels: FSBO, Real Estate